Dubai Chamber of Commerce Inks Memorandum on Blockchain Solutions

Asia Blockchain Review

July 15, 2019

The Dubai Chamber of Commerce and Industry (DCCI), an international business hub in the United Arab Emirates (UAE), has entered into a joint agreement to promote the adoption of blockchain trade solutions.

As reported by Cointelegraph, the DCCI signed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) and blockchain startup Perlin, based in Singapore.

Exclusive Rights to Offer CoFT Blockchain Solutions

The DCCI is the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as a collaborative project known as the Center of Future Trade (CoFT), which was announced by the ICC and Perlin in May.

Under the memorandum, the DCCI obtains exclusive rights to offer CoFT blockchain trade solutions in the Mideast and Africa region for the purpose of enhancing trade processes. Improvements include providing greater transparency of supply chains while reducing the risks involved.

The solutions will support the DCCI’s recently launched Digital Silk Road platform, with the aim of eliminating major vulnerabilities in the global trading system using blockchain technology. The project, co-established by the DCCI and the Dubai Future Foundation, was initiated under the Dubai 10X municipal development plan.

In April, Perlin announced that the firm would assist the ICC in launching its blockchain-backed systems. The ICC was founded in 1919 and currently features 45 million businesses, including global giants such as Amazon and PayPal.

More recently, the Dubai Land Department signed an MoU with Emirati telecoms service provider Etisalat to apply blockchain and smart government standards in the introduction of paperless management and digital contracts for property transactions.

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Asia Blockchain Review aims to connect all blockchain enthusiasts on a regional scale, facilitating the technological underpinnings of blockchain through a range of group discussions, technical workshops, conferences and consulting programs.